WDSU financial expert Kemberley Washington said the Federal Reserve raised its benchmark interest rate by a quarter percentage point, bringing it to a range of 3.75% to 4%.
The increase could affect consumers in several ways, from raising borrowing costs on mortgages and credit cards to increasing the interest earned on savings.
Washington, a certified public accountant and former IRS agent, explained what higher rates could mean for household finances and what consumers should consider doing with their money.
READ MORE:New Orleans financial expert explains how Fed rate hike could affect your money
